Renting in my area was really popular the last 2 years. Simply put, potential buyers saw home prices decreasing, and sincerely felt that if they waited another year or two, any monies they would waste on renting would be offset by the incredible savings they would obtain by buying after that time period.
That was true in some cases, and I rented to many people last year who were in that category. However, that particular category of renter/buyer now realizes that with interest rates so low, if they have the down payment, it is in their best interests to purchase now. Even if they end up paying a few thousand dollars more on a home as opposed to waiting for that better bargain, they offset it by buying a house they perhaps would like far better and those mortgage payments would certainly offset any extra dollars they may pay now. So a goodly portion of would be renters are now looking to purchase.
I am now seeing people who have lost their homes, whose credit has been challenged in many areas, and who now are having difficulty finding a home to rent. Landlords understandably want someone who WILL PAY the rent, and not default…. but are they perhaps missing out on a potentially great tenant simply because they had a mistep along the way?
If I represent a person who has had a credit glitch, I tend to submit the bid, the information, but I also ask for the proposed tenant to meet with the landlord so he/she can be interviewed. If that isn’t an option, then I also ask the proposed tenants to write a letter explaining their circumstances, and submit that along with the bid. Sometimes, when you hear the exact circumstances, it bridges the gap, and makes everything a little more humanized, and the landlord can understand better. I have done this in the past, and it helped enable clients to rent a home with bad credit, but who were working hard to make things right.
I can remember cooking dinner for them, and delivering it to their new home as they were entrenched with the unpacking.. a monumental task for anyone, having just lost their home…so many emotions. Something like this can happen to anyone… and none of us can forget that small detail. We all have pride, and sometimes bad things happen to good people ….. and so I always ask any agent to submit ther bid in its best possible light, and I will submit it to my landlord accordingly.
New Rochelle is GREAT!